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National & World Ag News Headlines |
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Hormel Foods Finalizes Sale of Nebraska Processing Plant
USAgNet - 12/05/2018
Hormel Foods Corporation, Austin, Minn., announced it has completed the sale of its Fremont, Neb., processing facility to Wholestone Farms, LLC.
The transaction includes a processing facility and a multiyear agreement to supply pork raw materials to Hormel Foods.
The current Fremont plant management team and workforce will remain in place to ensure business continuity for all stakeholders.
The purchase price was $30 million in cash, subject to select inventory and administrative adjustments.
Hormel Foods is a global branded food company with over $9 billion in annual revenues across more than 80 countries worldwide.
WholeStone Farms was established in 2017 to create and capture value in the pork supply chain. WholeStone Farms is owned by 220 members who are independent producers and farmers raising livestock and crops in the Upper Midwest. The
members collectively farm nearly 400,000 acres of cropland, raise 12 million pigs a year, and share a vision to continue the legacy of family farming.
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